Bobbys Corner-Open Market-April.18.2012

Good Morning:

GBP took center stage overnight-as the GBP hit a 19 month high versus the euro after MPC minutes showed that members voted 9-0 to keep rates unchanged, and 8-1 to keep QE at 325bln GBPs
Better than expected UK employment data also helped boost sterling.

In European news:
German auctions results went very well.
Spanish home prices fall -3% in Q1.  Drop is -7% from a year earlier.
Things just continue to get uglier in Spain.
Comments from Sarkozy and Lagarde continued to put pressure on the single currency.

Gold and Silver are all lower
Oil is higher-over $104/bbl
Asian equity markets were higher-Europe is mostly lower-and US Futures are also mostly lower

HAVE A GREAT DAY & GOOD LUCK

Bobbys Corner-Open Market-March.27.2012

Good Morning:

Lots of activity in the overnight session-but not a lot of price movement.
The USD took a slight hit after comments from Fed Chairman Bernanke that he plans on keeping the monetary policy “highly accommodative” for the foreseeable future.

In the Euro Zone-the Portuguese/German government bond yield spreads have narrowed to under 1000 bps-this is the first time since September that the spread has been below 1000.

Crude oil is again trading around the $107/bbl level.  Today the API (American Petroleum Institute), will announce their weekly inventory report, and it is expected to show inventory at 2.75 million barrels-which may damper the run up by the oil bulls.
With crude hitting record highs against the GBP and Euro-there is concern that this could cause a Europe wide recession.

Gold and Silver are higher at this time.  Oil is steady-just below $107/bbl

Asian equity markets were mixed-Europe is higher-US Futures are lower.

HAVE A GREAT DAY & GOOD LUCK

UK Claimant Count rises by 7,200 vs 5,000 expected

Total claims at 1,612,000.

The unemployment rate remained at 8.4%.

Average earnings index 3m/y rose 1.4% vs. 1.9% expected.

Gbp/Usd dropped 30 points to 1.5702 on news.

UK Trade Balance -7.5B vs. -7.8B expected

Gbp/Usd made session high just before release (1.5668). The pair has since come off to 1.5650.

UK Manufacturing Production up 0.1% vs. 0.3% from prior month

Industrial Production down 0.4% vs. +0.4% expected.

Gbp/Usd off 20 pips to 1.5770

UK BRC Shop Price Index for Feb +1.2% (YoY) 1.4% prior

UK BRC Sales

The UK BRC Same Store Sales reading for February was -0.3% on a year over year basis, the same as the prior month. The market has shrugged off the release as it seems to be regaining some of the risk bid that was lost yesterday to begin the trading week.

UK Lloyds Business Barometer Improves to 1 in Feb (-11 prior)

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